Al Noor Hospitals Raises US$342 Million in London IPO (MENA)
Source: Bloomberg | Author: Arif Sharif
Al Noor Hospitals Group, a United Arab Emirates-based provider of healthcare services, raised GBP221 million (approximately US$342 million) in an initial public offering on the London Stock Exchange, the first for a UAE-based company this year. The company sold 38.5 million new and existing shares, or 32.9 percent of its total equity. UAE-based private equity firm Ithmar Capital will retain a 28 percent stake in Al Noor after selling an undisclosed number of shares in the offering. Ithmar bought a stake in Al Noor in June 2010. The capital raised will help Al Noor expand within the UAE and Gulf Cooperation Council countries.